Atom bank has announced the launch of broker-instructed valuations and improvements to its commercial mortgage underwriting process. The initiative aims to enhance the efficiency and speed of brokers’ services to their customers.
Broker-instructed valuations will enable brokers to instruct property valuations at any stage up until an Agreement in Principle is issued, even before submitting a lending application to Atom.
This optional feature, introduced in response to feedback from Atom’s broker community, is expected to reduce the time to completion by up to two weeks, providing more certainty over the lending decision and greater control over the case’s progress.
The new procedure could translate into quicker decision-making for customers, higher certainty on their loan, and earlier drawdown due to a more efficient application process.
Since re-entering the market in April this year, Atom has generated £1bn in commercial mortgage quotes.
The digital bank has transformed its underwriting process to include faster decisioning, with the average assessment time cut by half. New team members have been added, and underwriter mandates increased to handle more cases efficiently.
Atom has also upgraded its broker portal, introducing 171 enhancements to the business lending journey. The aim is to gather all necessary information in a single query and streamline internal data capture for quicker lending decisions.
These advancements come in the wake of Atom’s recent rate reductions on its Recovery Loan Scheme and standard secured loans for small businesses, and a temporary increase in procuration fees for brokers until 30th September.
David Castling, head of intermediary distribution at Atom Bank, said: “We’re excited to be introducing broker-instructed valuations, which offers a huge range of benefits to both the broker and their customers, including faster decisioning and more certainty. We also know slow underwriting processes are one of the key barriers that brokers face when seeking a lending decision, which is why we’ve taken the time to implement so many key tech changes to support our broker community.
“As a digital lender, we’re constantly innovating and looking at the ways in which we can improve our processes, to make the experience of borrowing faster, easier and better value than others in the market. There’s a range of challenges facing small businesses at the moment so it’s never been more important for them to be able to get a quick financing decision. These transformative changes will enable brokers to support businesses effectively, as they continue to rebound and grow.”
Louise Chapman, commercial director, VAS Valuation Group added: “Brokers who instruct valuations directly with us stay in charge of the application all the way through to completion. This reduces friction in getting a deal over the line, delivering improved efficiencies and dramatic time savings. Atom is a bank seeking to streamline processes, and this change in the instruction path will help to further refine the mortgage application journey for customers and brokers alike.”
